WASHINGTON, DC-Westbrook Partners LLC has agreed to acquire the Hotel Washington from owners Galveston, TX-based Gal-Tex, which operates the 341-room lodging property under its company 1859 Historic Hotels. The seller is a family-owned operation that has held the property since 1940. A source close to the transaction tells GlobeSt.com that the parties involved have agreed to trade the hotel for an amount in the range of $120 million.

Located at 515 15th St. NW, the Hotel Washington sits on the perimeter of the White House in the city’s central business district. The building that the hotel occupies was originally developed 1888 and served as an apartment and a retail establishment. The property was first converted into hotel in 1917. Today the property features a restaurant, fitness facility and 17,000 sf of meeting space.

The $350,000 per-room is indicative of the strength of the Metro Washington, DC lodging market. Marcus & Millichap’s Spring 2006 Hospitality Research Report notes that in the country’s five largest hotel markets, the median price per-room increased last year by 40% to $62,000. The numbers are even higher in the Washington, DC area market. “The median price rose 20% last year to $151,200 per room, but sales so far in 2006 have priced much higher.”

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